Current through Chapter 269 of the 2016 Legislative Session
Failure to timely withdraw from the Elected Officers' Class shall constitute an election to maintain membership in the Elected Officers' Class.
plus interest thereon at the rate of 4 percent per year compounded annually each June 30 from the date of such service until July 1, 1975, and at the rate of 6.5 percent per year thereafter until the date of payment.
Dates of Contribution Rate Changes
Contribution Rate
October 1, 1987, through December 31, 1988
0.24 %
January 1, 1989, through December 31, 1993
0.48 %
January 1, 1994, through December 31, 1994
0.56 %
January 1, 1995, through June 30, 1998
0.66 %
July 1, 1998, through June 30, 2001
0.94 %
July 1, 2001, through June 30, 2013
1.11 %
July 1, 2013, through June 30, 2014
1.20 %
July 1, 2014, through June 30, 2015
1.26 %
Effective July 1, 2015
1.66 %
Such contributions and accompanying payroll data are due and payable no later than the 5th working day of the month immediately following the month during which the payroll period ended and shall be deposited by the administrator in the Retiree Health Insurance Subsidy Trust Fund.
Upon conclusion of the term of office to which the deceased officer was elected, a spouse who pays into the retirement trust fund such additional or refunded contributions, plus interest, shall be eligible to receive a monthly benefit in the same manner as the surviving spouse of a member who dies after accumulating the required number of years of creditable service as described herein.